IGI reports solid full-year 2018 results and improved GWP growth
The year 2018 saw a strong recovery for IGI following the most expensive year for catastrophe losses on record in 2017. The Group has a clear and focused vision of growth in new and existing markets, putting IGI back in track for another robust performance for the 2018 financial year.
Gross written premium (GWP) rose by 9.5% to US
The total assets of the company increased by 2.09% to US
Mr.
“Current market conditions are presenting new and lucrative opportunities, which we will look to capitalize on whilst continuing to apply our prudent underwriting philosophy.
“We are also very pleased to see action taken by the industry to address the challenging market conditions and facilitate a more stable, profitable environment. Rates are improving, and we hope this is the beginning of the market bringing pricing back to a point where they reflect technical adequacy with the full recognition of the need to return to a stable and profitable underwriting environment.”
Highlights of the 2018 financial year along with those of the previous year are as follows:
(12 months) |
(12 months) |
||||
$ in million | |||||
Gross written premium | 301.56 | 275.34 | |||
Net underwriting result | 55.8 | 25.07 | |||
Investment income | 10.37 | 12.75 | |||
Net profit for the year | 26.47 | 7.86 | |||
Shareholder’s equity | 309.78 | 312.40 | |||
Loss ratio, net | 46.85% | 60.40% | |||
Combined ratio | 88.97% | 103.08% | |||
Return on equity | 8.54% | 2.52% |
The Board of Directors of IGI proposed at its meeting of
Ends
Issued by Rein4ce on behalf of
About IGI:
IGI Bermuda is a class 3B (re)insurer regulated by the
Both IGI Bermuda and IGI
For more information, please visit www.iginsure.com or email [email protected].
View source version on businesswire.com: https://www.businesswire.com/news/home/20190325005285/en/
For further information, call
Aaida Abu Jaber, PR & Marketing Manager, IGI
T: +96265662082 Ext. 311
M: +962770415540
Email: [email protected]
Source: IGI
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